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Fireblocks launches network for institutions to transfer assets among themselves

June 2, 2020

Fireblocks, specialist in institutional security of digital assets, launched its asset transfer network on Tuesday.

The open network enables institutions to find and Establish a secure connection to your colleagues and transfer assets in the chain while streamlining settlement and post-trade transactions.

At the start, more than 55 institutions and 26 exchanges were active in the network, including providers of Liquidity, exchanges, brokers, market makers and custodians.

More of the same, but better

Fireblocks launches network for institutions to transfer assets among themselves
Fireblocks launches network for institutions to transfer assets among themselves

Fireblocks has been using the technology of secure logs (MPC) in its secure environment for asset transfer offers institutional clients the tools to move digital assets between exchanges, wallets and counterparties.

The volume grew rapidly as more institutions sjoined together to use the secure platform There is an insurance policy that covers assets for both storage and transportation.

The company too developed a new MPC algorithm that should be 800% faster as the industry standard and made it free for asset managers and sellers.

The recently launched secure asset transfer network is based on this environment. further streamlining the search process and liaison with counterparties.

New search functions

Previously, two colleagues using Fireblocks had to find and add each other’s wallet addresses manually connect. However, the new network is more like a directory that enables institutions look for each other on the net and send a connection request with just one click.

In addition, settlement with counterparties is generated quickly on the platform, so that a process can take hours or even days supposedly done in seconds. The CEO of Fireblocks, Michael Shaulov, he explained:

“With the launch of the Fireblocks network, users can store and transfer assets across the institutional ecosystem without the need for intermediaries. We are redefining chain processing processes by adding an unprecedented level of security and efficiency, maintaining the decentralized nature of the blockchain and operating it at the institutional level. “

The network has been gradually implemented since the beginning of the year and included at the start 55 counterparties and 26 exchanges and accepted more than 200 tokens. Fireblocks have also announced this recently The platform had reached $ 9.2 billion in assets transferred monthly.

Future developments include the Inclusion of new partners, tokens and exchanges, along with a mechanism by which participants can resign themselves to non-members.

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